For years, we’ve known how fast the North Texas housing market moves.
But right now, McKinney realtor Jared Tye says the pace is mind-blowing.
“It’s wild. There’s a lot more buyers right now than there are homes for sale,” Tye said.
Homes barely hit the market, he said, before dozens of offers are made, some $50,000 or more above the asking price.
Among the reasons for the rush: People are relocating from other states, stimulus payments are helping make down payments, and record low-interest rates beginning to creep up.
“A client says I’m paying higher than I would have for the house but my mortgage rate is so low that the actual payment may be comparable to what they would have paid two years ago before the price went up,” Tye explained.
Despite his warnings, Tye said some buyers are willing to take big risks to snag their dream home like waiving option periods.
“Even if they get an inspection and they find something bad, they’re still going to be committed,” he said.